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Exhibit 99.1

LOGO

Saia Reports Second Quarter Earnings Per Share of $0.54

Revenues were $293 million with operating income of $23.3 million

JOHNS CREEK, GA. – July 26, 2013 – Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload and logistics services, today reported improved second quarter 2013 results driven by effective revenue management and operational efficiencies. All prior period share and per share data in this release have been adjusted to reflect the Company’s June 2013 three for two stock split.

Second Quarter 2013 Compared to Second Quarter 2012 Results

 

   

Revenues were $293 million, an increase of 2 percent

 

   

Operating income increased 10 percent to $23.3 million compared to $21.2 million

 

   

Earnings per share were $0.54 compared to $0.48

 

   

Operating ratio was 92.0 compared to 92.6

 

   

LTL tonnage decreased by 1.6 percent as LTL shipments were down 0.9 percent with a 0.7 percent decrease in weight per shipment

 

   

LTL yield was up 3.2 percent due to the favorable impact of pricing actions

“Saia’s high service quality, continued progress with yield and focus on operational excellence were the drivers of our margin improvement. While volumes during the quarter were relatively soft in line with the general economy, we continue to advance our value proposition with investments in quality and focus on customer service,” said Saia President and Chief Executive Officer Rick O’Dell.

“Saia’s Quality Matters initiative is the foundation of our improvements in every major quality metric, highlighted by our seventh consecutive quarter of 98 percent on-time service. Our industrial engineering initiatives and operating efficiencies have reduced our reliance on purchased transportation, increased fuel efficiency, improved safety and cargo claims and enhanced customer service. I believe that our focus on quality, customer service, revenue management and operational excellence has set the stage for solid financial performance in the second half of the year,” continued O’Dell.

“Investments in our people, technology and equipment drive operational efficiencies and enhance our customer service which has led to overall quality improvement throughout every segment of our company. I believe that our execution on quality, revenue management and operations optimization affords Saia with a strong foundation for further progress and long term profitable growth in the future,” O’Dell said.

Year to Date 2013 Compared to Year to Date 2012 Results

 

   

Revenues were $566 million compared to $556 million

 

   

Operating income was $37.8 million compared to $32.2 million


Saia, Inc. Second Quarter 2013 Results

Page 2

 

   

Net income was $22.7 million compared to $17.4 million

 

   

Earnings per share were $0.90 compared to $0.70

 

   

Operating ratio was 93.3 compared to 94.2

Financial Position and Capital Expenditures

Total debt was $99.0 million at June 30, 2013. Net of the Company’s $2.9 million cash balance at quarter-end, net debt to total capital was 25.5 percent. This compares to total debt of $90.7 million and net debt to total capital of 27.4 percent in the prior year quarter.

On June 28, 2013, the Company entered into an amendment to its revolving credit facility to increase Saia’s borrowing capacity, lower certain interest rates and extend the term.

Net capital expenditures for the first six months of 2013 were $71 million. This compares to $69 million in the prior year period. The Company is planning net capital expenditures in 2013 of approximately $90 million. This expenditure level reflects replacement tractors and trailers to reduce the average age of our fleet and the Company’s continued investment in technology.

Conference Call

Management will hold a conference call to discuss quarterly results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 888-466-4462 or 719-325-2308 referencing conference ID #7045108. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the company web site at www.saiacorp.com. A replay of the call will be offered two hours after the completion of the call through August 1, 2013 at 2:00 p.m. Eastern Time. The replay will be available by dialing 1-888-203-1112 or 719-457-0820.

The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 147 terminals in 34 states. For more information on Saia, Inc. visit the Investor Relations section at www.saiacorp.com.

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks,


Saia, Inc. Second Quarter 2013 Results

Page 3

 

uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, assumptions and uncertainties include, but are not limited to, general economic conditions including downturns in the business cycle; the creditworthiness of our customers and their ability to pay for services; competitive initiatives and pricing pressures, including in connection with fuel surcharge; the Company’s need for capital and uncertainty of the current credit markets; the possibility of defaults under the Company’s debt agreements (including violation of financial covenants); possible issuance of equity which would dilute stock ownership; integration risks; indemnification obligations associated with the 2006 sale of Jevic Transportation, Inc.; the effect of litigation including class action lawsuits; cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets; governmental regulations, including but not limited to Hours of Service, engine emissions, the “Compliance, Safety, Accountability” (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting, changes in interpretation of accounting principles and Homeland Security; dependence on key employees; inclement weather; labor relations, including the adverse impact should a portion of the Company’s workforce become unionized; effectiveness of Company-specific performance improvement initiatives; terrorism risks; self-insurance claims and other expense volatility; increased costs as a result of recently enacted healthcare reform legislation and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings. As a result of these and other factors, no assurance can be given as to our future results and achievements. A forward looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.

# # #

 

CONTACT:    Saia, Inc.
   Renée McKenzie, Treasurer
   RMcKenzie@Saia.com
   678.542.3910


Saia, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

     June 30,     December 31,  
     2013     2012  

ASSETS

  

CURRENT ASSETS:

    

Cash and cash equivalents

   $ 2,872      $ 321   

Accounts receivable, net

     130,929        106,814   

Prepaid expenses and other

     33,601        37,028   
  

 

 

   

 

 

 

Total current assets

     167,402        144,163   

PROPERTY AND EQUIPMENT:

    

Cost

     787,616        718,527   

Less: accumulated depreciation

     369,346        356,823   
  

 

 

   

 

 

 

Net property and equipment

     418,270        361,704   

OTHER ASSETS

     14,845        13,821   
  

 

 

   

 

 

 

Total assets

   $ 600,517      $ 519,688   
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

CURRENT LIABILITIES:

    

Accounts payable

   $ 59,597      $ 43,706   

Wages and employees’ benefits

     31,925        30,842   

Other current liabilities

     41,480        44,609   

Current portion of long-term debt

     14,643        22,143   
  

 

 

   

 

 

 

Total current liabilities

     147,645        141,300   

OTHER LIABILITIES:

    

Long-term debt, less current portion

     84,378        38,562   

Deferred income taxes

     55,733        55,611   

Claims, insurance and other

     31,515        29,696   
  

 

 

   

 

 

 

Total other liabilities

     171,626        123,869   

STOCKHOLDERS’ EQUITY:

    

Common stock

     24        24   

Additional paid-in capital

     211,054        206,969   

Deferred compensation trust

     (2,226     (2,213

Retained earnings

     72,394        49,739   
  

 

 

   

 

 

 

Total stockholders’ equity

     281,246        254,519   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 600,517      $ 519,688   
  

 

 

   

 

 

 


Saia, Inc. and Subsidiaries

Consolidated Statements of Operations

For the Quarters and Six Months Ended June 30, 2013 and 2012

(Amounts in thousands, except per share data)

(Unaudited)

 

     Second Quarter     Six Months  
     2013     2012     2013     2012  

OPERATING REVENUE

   $ 292,557      $ 287,538      $ 566,352      $ 556,228   

OPERATING EXPENSES:

        

Salaries, wages and employees’ benefits

     144,309        140,239        281,163        271,939   

Purchased transportation

     19,338        21,052        36,109        40,361   

Fuel, operating expenses and supplies

     78,154        77,354        157,156        156,751   

Operating taxes and licenses

     9,330        9,750        18,909        19,616   

Claims and insurance

     5,883        6,102        11,478        12,276   

Depreciation and amortization

     12,386        11,951        24,020        23,366   

Operating gains, net

     (102     (102     (274     (321
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     269,298        266,346        528,561        523,988   
  

 

 

   

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     23,259        21,192        37,791        32,240   

NONOPERATING EXPENSES:

        

Interest expense

     1,618        2,195        3,146        4,159   

Other, net

     (29     (3     (95     (98
  

 

 

   

 

 

   

 

 

   

 

 

 

Nonoperating expenses, net

     1,589        2,192        3,051        4,061   
  

 

 

   

 

 

   

 

 

   

 

 

 

INCOME BEFORE INCOME TAXES

     21,670        19,000        34,740        28,179   

Income tax expense

     8,170        7,149        12,085        10,793   
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME

   $ 13,500      $ 11,851      $ 22,655      $ 17,386   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average common shares outstanding - basic

     24,163        23,827        24,073        23,789   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average common shares outstanding - diluted

     25,218        24,771        25,123        24,708   
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 0.56      $ 0.50      $ 0.94      $ 0.73   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 0.54      $ 0.48      $ 0.90      $ 0.70   
  

 

 

   

 

 

   

 

 

   

 

 

 


Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2013 and 2012

(Amounts in thousands)

(Unaudited)

 

     Six Months  
     2013     2012  

OPERATING ACTIVITIES:

    

Net cash provided by operating activities

   $ 31,982      $ 50,326   
  

 

 

   

 

 

 

Net cash provided by operating activities

     31,982        50,326   
  

 

 

   

 

 

 

INVESTING ACTIVITIES:

    

Acquisition of property and equipment

     (72,092     (71,442

Proceeds from disposal of property and equipment

     1,273        2,138   
  

 

 

   

 

 

 

Net cash used in investing activities

     (70,819     (69,304
  

 

 

   

 

 

 

FINANCING ACTIVITIES:

    

Repayment of long-term debt

     (11,071     (11,071

Borrowings of revolving credit agreement, net

     49,386        28,945   

Proceeds from stock option exercises

     3,659        613   

Other financing activities

     (586     —     
  

 

 

   

 

 

 

Net cash provided by financing activities

     41,388        18,487   
  

 

 

   

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

     2,551        (491

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

     321        1,317   
  

 

 

   

 

 

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

   $ 2,872      $ 826   
  

 

 

   

 

 

 


Saia, Inc. and Subsidiaries

Financial Information

For the Quarters Ended June 30, 2013 and 2012

(Unaudited)

 

                            Second Quarter         
          Second Quarter     %     Amount/Workday      %  
          2013     2012     Change     2013      2012      Change  

Workdays

              64         64      

Operating Ratio (1)

        92.0     92.6          

Tonnage (2)

   LTL      955        970        (1.6     14.92         15.16         (1.6
   TL      178        193        (7.9     2.78         3.02         (7.9

Shipments (2)

   LTL      1,642        1,656        (0.9     25.65         25.87         (0.9
   TL      26        28        (6.7     0.40         0.43         (6.7

Revenue/cwt. (3)

   LTL    $ 14.16      $ 13.71        3.2           
   TL    $ 5.84      $ 5.53        5.7           

Revenue/shipment (3)

   LTL    $ 164.68      $ 160.62        2.5           
   TL    $ 804.16      $ 771.04        4.3           

Pounds/shipment

   LTL      1,163        1,172        (0.7        
   TL      13,763        13,946        (1.3        

Length of Haul

        743        725        2.5           

 

(1) The operating ratio is the calculation of operating expenses divided by operating revenue.
(2) In thousands
(3) Revenue does not include the adjustment required for financial statement purposes in accordance with the Company’s revenue recognition policy and other revenue.